Paramount has signed a 10-year lease with 1888 Studios, a film and television production campus on a 150,000-square-foot site in Bayonne, New Jersey. The agreement provides for the occupation of 26,700 square meters of the structure, which will be adjacent to a large Netflix base still under construction.
The announcement is the result of the local government’s effort to make New Jersey attractive to Hollywood. This year, the state expanded an incentive program that it can now give to Paramount discount 35% on all state spending and a 40% credit on labor costs through 2039. The lease still depends on approval from the New Jersey Economic Development Authority (NJEDA), which will meet Oct. 30 to consider the request.
“Scaling our production and expanding our world-class entertainment offering is central to our long-term strategy. We are excited to invest in the United States,” he said Andy Gordon, Chief Strategy Officer and Chief Operating Officer, Paramount. “Thanks to highly competitive tax credit programs like New Jersey’s, the tri-state region is more attractive than ever for the manufacturing sector.”
Created in 2018, the New Jersey Film and Digital Media Tax Credit program authorizes NJEDA to designate three partner studios and three partner film rental facilities to receive the incentives. 1888 Studios was named first partner in May 2024.
Under construction…
Currently under development by Togus Urban Renewal, 1888 Studios is poised to become the largest campus-style production center in the Northeast and one of the largest in the country. The space will offer more than 100,000 square meters for production, comprising 23 smart audio studios with a minimum ceiling height of 12 metres, production and post-production support space, as well as offices.
Named after the year Thomas Edison patented the movie camera, 1888 Studios was designed by global architecture firm Gensler to evoke images of Hollywood’s Golden Age. The space’s biggest attraction is its unique location, less than 30 minutes from downtown Manhattan, accessible by train, car, helicopter and boat. Opening is scheduled for the fourth quarter of 2028, according to Variety magazine.
“With 1888 Studios, we set out to build a state-of-the-art facility that would attract the world’s most ambitious storytellers, giving New Jersey true scale and a home for all aspects of film and television production under one roof. By keeping American productions home, the project, which will be built by unionized workers, will generate thousands of jobs and additional opportunities for New Jersey small businesses,” said Arpad “Arki” Busson, president of Togus Urban Renewal.
Renovation
The move announcement comes the same week that Paramount plans to begin a massive round of layoffs, affecting 1,000 employees, according to Bloomberg. A second round of cuts is subsequently expected, for a total of around 2,000 layoffs. The decision would have come from the company’s new management after the merger between Paramount Global and Skydance Media, as reported by Olhar Digital.
The post After layoffs, Paramount leases studio in search of tax credit appeared first on Olhar Digital.
Source: Olhar Digital
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
